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20121205
20121213
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CSPAN
Dec 10, 2012 12:35am EST
is exactly right -- no one is talking about a fiscal cliff that will solve the problem. there is no grand bargain being discussed except in the most general outline terms. there is enough to be -- nothing close to being politically acceptable. we're only talking of something of that will allow people to get through this. in the short term, we need to have fiscal policy that may get the deficit higher than what it would be. ben bernanke was saying the deficit could be cut too far and too fast at the same time. this has to be the time where we don't go into an austerity program. we are not quite there. if businesses are spending and consumers are spending and trade was helping, i would say that is the right time to be doing this. the deficit reduction has to be done in context. host: this is from "the wall street journal"last week -- guest: they are not spending because they are angry at washington but they don't have the demand for their goods and services. that is the way it is now. they don't have a great incentive to do anything. we're spending this money on the wrong things. the president proposed additional stimulus of measures including infrastructure. i'm not sure you can rely on the private sector to kick in that quickly. host: guest: on the issue of
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